Derby Enterprise Growth Fund

                                

 DEGF - Grant and loan funding for Derby and Derbyshire 

*New Grant Fund Now Launched* 

  • Derbyshire Business Support Grant Scheme (DBSGS) - funding towards capital or revenue projects with the aim of supporting businesses to, expand, evolve or relocate, helping to create increased investment, growth and job creation.
  • Funding will support improved productivity, technology, systems, supply chain and skills development within businesses.

  Scheme attributes:                                                                       

  • Minimum grant size £2K.
  • Maximum grant size £50K.
  • Maximum of 50% of the total eligible project costs.
  • Grants available to sole traders, partnerships, limited companies (micro and SME businesses and start-ups) and social enterprises (where sustainable future income is proven) who are liable or will be liable to pay business rates as part of the grant funded project.
  • Capital and revenue funding subject to State aid rules to include capital expenditure, relocation, fit out costs, R&D, consultancy costs, training, working capital, rental, staffing costs (exclusions subject to officer and panel discretion).
  • Available to all sectors subject to State aid rules and investment panel discretion.
  • Fund to commence 18th September to run until 31st March 2020.
    • Output measures to include:
  1. Turnover growth or profitability - ‘supporting firms to become more productive and competitive’ with agreed milestones.
  2. Value of contracts awarded.
  3. Diversification into new markets.
  4. Jobs.

Other Existing Schemes

  • Derby Enterprise Growth Fund (DEGF) supported by the Regional Growth Fund, offers capital grants and loans to businesses within Derby and Derbyshire (please note the majority of the funding is ring fenced for the Derby TTWA but the scheme will consider applications from Derbyshire based companies who operate outside of this). Although the fund offers both grants and loans, we aim to offer loan funding rather than grant where possible to support the continuation of our scheme.
  • D2 Enterprise Growth Fund (D2EGF) - Capital grants available to businesses across Derby and Derbyshire. This is a partnership between Derby City Council and Derbyshire County Council with funding from these two bodies and EU funding through D2N2. This fund is now closed to new applications.

These two funds aim to provide:

  • the minimum level of funding necessary for a project to take place
  • a maximum of 30% of the total project costs
  • a maximum of £10,000 per new full-time equivalent job created
  • a minimum grant award of £20,000 (therefore minimum total project costs approximately £67,000).

Please note, applications are subject to a competitive process and there is no guarantee of funding being granted. The volume of requests received are such that awards have to be carefully prioritised at Investment Panel and in some cases funds will not be available in line with applicants desired timescales. 

If you are interested in accessing funding, please complete this application:

We invite funding applications from projects that demonstrate growth and create jobs. 

For further information on our funds, please read our DEGF guidance notes and Frequently Asked Questions.  If you then have any futher questions, please email degf@derby.gov.uk

Please also note that the following projects are not likely to be a high priority for DEGF/D2EGF funding:

  • Companies operating in sectors with a predominantly local market where this is a high risk of 'job displacement' (DEGF and D2EGF only). By job displacement we mean companies where job growth in a local company is likely to lead to job losses in others. Sectors where this tends to be an issue include retail, hospitality, recruitment, professional services and social care for example.
  • Projects where costs are predominantly towards employment of new staff (unless there is a particularly compelling justification that investment in particular staff will directly leading to innovation or expansion within the business).
  • Start-up companies with little or no trading history (DEGF and D2EGF only).
  • Projects where costs are predominantly revenue based - where these schemes are focused on capital funding only. (Please note DBSGS can consider revenue costs).

Process and timescales when applying for our funding

  • Expression of Interest - submit the online form and receive feedback within 10 working days
  • Full application - upload your DEGF application form and DEGF Funding Application Appendices to our online system. Please also upload a copy of your latest annual accounts. This will be reviewed by the DEGF team and prepared for the next appropriate Panel meeting, approximately four weeks after application submission
  • Panel - meetings are held bi-monthly. You will receive a verbal decision the day after the panel sit in regard to their recommendation with final approval to follow in writing. Timescales for which will be advised at the time. You will have 14 days to accept an in-principle offer. Please note DBSGS grants less than £20K will be considered more frequently than bi-monthly, further information in regard to timescales will be given at application stage.
  • ID checks - once an in principle offer has been accepted, we will need to carry out ID checks on your key directors and shareholders.
  • Due diligence - following receipt of your in principle offer acceptance and ID checks, you may be required to pay for due diligence (further information will be given at the EOI meeting/discussion - noting fees do not apply to DBSGS applications). due diligence should take a maximum of six working weeks (or less) depending on the complexity. This will include a review of your forecasts, historic accounts and project funding plan.
  • Contracting - following a successful due diligence outcome, contracts will be drawn up. This should take approximately six working weeks (or less) depending on the complexity of the contract.

Please note, any funding awarded will be subject to cash flow.

For information about companies we’ve already supported, please visit the Derby Enterprise Growth Fund blog.

Other support available in Derby and Derbyshire

In addition to our fund there is a variety of support available, both nationally and locally, to help you run your business and to overcome challenges you might face. Please visit our Support for your business page.

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